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BTC 
ETH Bitcoin is approaching long-term support tracked by Fidelity, with BTC currently trading near the low end of its 2026 range. Jurrien Timmer, global macro director at Fidelity, has placed Bitcoin in a potential accumulation area, and the market is approaching its power-law support line. "Around $60,000, it is getting closer and closer to its power-law support line," Timmer wrote.
This model tracks long-term price movements of Bitcoin and an upward downward support curve. After BTC fell to the US$60,000 range, the distance between spot prices and this support line narrowed. Previously, the asset had traded above $73,000 in early June.
Bitcoin is currently trading around US$63,889, with an intraday range between US$63,700 and US$64,417. The asset remained above the $60,000 area pointed out by Timmer, but repeatedly failed to hold above $65,000, keeping the market within its current consolidation range.
US$59,700 support coincides with long-term bottom
Fidelity's support is very close to Bitcoin's real-time technical support. BTC's latest channel blockage has brought $59,700 into the spotlight again, which will be the first downside target if selling pressure resumes. A break below this area would expose deeper $56,550 support within the same structure.
This overlap allows Bitcoin to fluctuate between resistance levels around $65,000 and support groups around $60,000. Buyers held on to the lower range during the recent correction, but the rebound has not yet continued to break through the upper track. A break below $59,700 would bring BTC closer to Fidelity's long-term bottom and weaken the current consolidation pattern. A recovery above $65,000 will push prices away from the support curve and reopen the range towards Bitcoin's June highs.
Ethereum strengthens relative to Bitcoin
While BTC is still close to its long-term support area, Ethereum has strengthened relative to Bitcoin. ETH recently tested resistance around $1,820, and the ETH/BTC ratio rose above 0.028, its strongest level in months. This relative trend has given Ethereum a bigger share of the latest cryptocurrency rally, while Bitcoin remains sandwiched between support at $59,700 and resistance at around $65,000.
